Reshaping the HIV treatment and prevention landscape

Adjusted Operating Margin expansion to at least 30% by 2026 More than 10% Adjusted Operating Profit CAGR 2021-26 gsk Mid 20s % 2021 Royalties COGS SG&A >30% - - - - - Sales mix, shift to Vaccines and Specialty Operating leverage on sales Major restructuring programs complete R&D productivity slows investment rate Ongoing productivity initiatives across supply chain, commercial ops, global functions - Investment in new launches & capabilities - R&D 2026 Gardasil royalties (end 2023) More than 10% Adjusted OP CAGR + All outlook and ambition statements are given on a constant currency basis and use 2021 forecast exchange rates as a base, assuming a continuation of Q1 2021 closing rates. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Note: COVID therapeutic and vaccine solutions are excluded from the above. 104

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